Andrew Takyi-Appiah, Co-founder and Managing Director of Zeepay, claims the introduction of mobile money has upset banking in Ghana and other African nations.
According to Andrew, the development of payment methods like mobile money has made banking simpler.
He pointed out that the issue of Ghanaians being unable to make an over-the-counter money transfer to another bank has been resolved with the advent of mobile money.
Speaking in an interview with Citi TV, monitored by 1Family Radio, the CEO also highlighted the importance of remittances.
“In our case, mobile money’s first disruption was banking. A decade or so ago, you couldn’t just stroll into a Ghana Commercial Bank and tell the teller, “I want to send money to Ecobank.”
“The cashier would make fun of you and perhaps even call a security guard to you. It wasn’t possible because she most likely believes you are about to loot the bank. Thus, the introduction of mobile money in Ghana interfered with that procedure,’’ he noted.
“We refer to it as an “off-net” disruption because it allowed you to send money to someone even if they don’t have a wallet but can still receive it on their phone.’’
“The second wave of disruption with mobile money would happen with payments. And payments didn’t take off as rapidly as we had intended, so remittances came in to do the job. It’s easier to scale remittances,’’ Mr. Takyi-Appiah said.
“It is abundantly obvious from the financial inclusion index that Ghana is a crucial market when discussing evolution, industry trends, and dominant market players,’’ he disclosed.
Source: 1Familyradio
